{% block title %}Instructions{% endblock %}

{% block content %}

<div class="card bg-light m-3">
    <div class="card-body">
        <h3>
            Instructions
        </h3>
        <p>
            You have been randomly and anonymously grouped with other players. All players see these same instructions.
        </p>
        <p>Imagine being an ad agency excited to show a new ad to a specific group. To obtain the ad space, you have to win an auction by submitting the highest bid. Winning is crucial because other ad spaces might not make as much money.</p>

        <p>The ad space is projected to generate an extra profit, and bidding more than that is a loss. If you win the auction by bidding the highest, then you pay the second-highest bidder's amount.</p>

        <p>The goal is to win the high-valued ad space while spending the least. For example, if a space can bring in an extra 10 units in profit, bidding exactly 10 nullifies that extra gain. However, if you bid 10 and the second-highest bid is 8, you end up with an additional profit of 2 units.</p>

        <p>In more simple terms, your earnings per round are: <strong>earnings = extra profit value - second highest bid</strong></p>

        <p>The experiment has 16 rounds. Your final payoff is your participation fee plus the average winnings from all rounds.</p>
    </div>
</div>

{{ next_button }}

{% endblock %}